Bristow Group, Inc. · NYSE:VTOL
Bristow — Q1 FY2019 Earnings Presentation
35 slides from Bristow's earnings presentation, Aug 3, 2018
Slide 1: First quarter FY19 earnings presentation
First quarter FY19 earnings presentation Bristow Group Inc. August 3, 2018 Exhibit 99.1
Slide 2: Forward-looking statements
Forward-looking statements Statements contained in this presentation regarding the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include statements regarding executing 2019 STRIVE prior
Slide 3: Executive summary and safety review
Executive summary and safety review
Slide 4: Q1 FY19 operational safety review
Q1 FY19 operational safety review Zero air accidents YTD in FY19 with excellent reporting through elevated risk event management TRIR is up in Q1 as a result of minor incidents in our U.K. operations with many parts of our other global operations improved and at Target Zero A global Safety Stand Dow
Slide 5: Our global footprint and strong liquidity profile position us well in an uneven recovery
Our global footprint and strong liquidity profile position us well in an uneven recovery for offshore services Cost efficiencies Improving returns on capital Revenue growth Improved financial flexibility Continue to improve capital efficiency through the optimization of asset base; Q1 FY19 sale of t
Slide 6: Updated FY19 guidance
Updated FY19 guidance FY19 guidance assumes FX rates as of June 30, 2018 Operating revenue, adjusted EBITDA and rent for oil and gas includes corporate and other revenue and the impact of corporate overhead expenses Adjusted EBITDA for U.K. SAR and fixed wing (Eastern/Airnorth) excludes corporate ov
Slide 7: Operational highlights
Operational highlights
Slide 8: Q1 FY19 results
Q1 FY19 results Adjusted EBITDA1 $ in millions Operating revenue $ in millions Net loss Adjusted net loss1 1) Adjusted EBITDA and adjusted net income (loss) excludes gains (losses) on asset dispositions and special items $ in millions $ in millions
Slide 9: Europe Caspian
Europe Caspian United Kingdom Norway Turkmenistan $ in millions $ in millions 1) Adjusted EBITDA excludes gains (losses) on asset dispositions and special items Operating revenue Adjusted EBITDA1
Slide 10: Africa
Africa Nigeria Egypt $ in millions $ in millions 1) Adjusted EBITDA excludes gains (losses) on asset dispositions and special items Operating revenue Adjusted EBITDA1
Slide 11: Americas
Americas United States Canada Brazil Trinidad $ in millions Guyana $ in millions 1) Adjusted EBITDA excludes gains (losses) on asset dispositions and special items Operating revenue Adjusted EBITDA1
Slide 12: Líder adjusted EBITDA
Líder Líder adjusted EBITDA1 1) Reconciliation of adjusted EBITDA and leverage provided in the appendix
Slide 13: Asia Pacific
Asia Pacific Russia Australia Malaysia $ in millions $ in millions 1) Adjusted EBITDA excludes gains (losses) on asset dispositions and special items Operating revenue Adjusted EBITDA1
Slide 14: Appendix
Appendix
Slide 15: Organizational Chart and Fleet as of June 30, 2018
Next generation aircraft Mature aircraft Organizational Chart and Fleet as of June 30, 2018 Bristow Europe Caspian 60% Africa 10% Americas 15% Asia Pacific 15% U.K. – 63 / 34 Norway – 29 / 0 Nigeria – 38 / 3 U.S. GoM – 55 / 0 Canada – 7 / 0 Australia – 24 / 14 Brazil – 0 / 0 Egypt – 0 / 0 Russia – 7
Slide 16: Leased aircraft detail as of June 30, 2018
1) The percentage of LACE leased is calculated by taking the total LACE for leased aircraft divided by the total LACE for all aircraft we operate, including both owned and leased aircraft. See Note 7 “Commitments and Contingencies” in our form 10-Q for the quarter ended June 30, 2018 for more inform
Slide 17: Focused on improving EBITDA through lease cost reductions with aircraft returns
Focused on improving EBITDA through lease costs reductions with aircraft returns to lessors Of our original 11 leased H225s, four have been returned to lessors through June 30, 2018 with another three expected to be returned during this fiscal year and four in FY21 Rent expense will be reduced by no
Slide 18: Consolidated fleet changes and aircraft sales
See 10-Q Note 7 “Commitments and Contingencies” in our form 10-Q for the quarter ended June 30, 2018 for more information provided on operating leases Consolidated fleet changes and aircraft sales
Slide 19: Operating revenue, LACE and LACE rate by region
Operating revenue, LACE and LACE rate by region 4 $ in millions LACE rate is annualized $ in millions per LACE Excludes assets held for sale, Airnorth and Eastern Airways
Slide 20: Historical LACE count by region
Historical LACE count by region
Slide 21: Historical LACE rate by region
Historical LACE rate by region $ in millions LACE rate calculated as YTD revenue annualized divided by period ending LACE count
Slide 22: Order and options book as of June 30, 2018
Order and options book as of June 30, 2018 Orders that can be cancelled prior to delivery date
Slide 23: Net asset fair market value
NOTE: The company derives market value from observable market data if available and may require utilization of estimates, applications of significant judgment and reliance upon valuation specialists’ and third party analysts’ reports. When using third party reports, the market value is as of the dat
Slide 24: Net asset FMV reconciliation
Net asset FMV reconciliation The net asset FMV disclosed herein includes the Company’s current NBV of 16 owned H225s totaling ~$207 million. Excluding these aircraft, net asset FMV per share would decrease by $5.67 to $19.61. The pre-grounding value for the H225s totaled ~$340 million. NBV of PPE wi
Slide 25: Adjusted EBITDA margin trend by region
Adjusted EBITDA margin trend by region Adjusted EBITDA excludes special items (see form 10-Q for the quarter ended June 30, 2018) and asset dispositions and margin is calculated by dividing adjusted EBITDA by operating revenue
Slide 26: Historical U.K. SAR performance
Historical U.K. SAR performance GAP and U.K. SAR operating results are included within our Europe-Caspian region results. Adjusted EBITDA excludes corporate overhead allocations consistent with financial reporting. Adjusted EBITDA is a non-GAAP measure of which the most comparable GAAP measure is ne
Slide 27: Historical fixed wing performance
Historical fixed wing performance Fixed wing operating results are included within their respective regional results. Adjusted EBITDA excludes corporate overhead allocations consistent with financial reporting. Adjusted EBITDA is a non-GAAP measure of which the most comparable GAAP measure is net in
Slide 28: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Adjusted EBITDA excludes special items (see form 10-Q for the quarter ended June 30, 2018) and asset dispositions
Slide 29: Consolidated and regional adjusted EBITDA
Consolidated and regional adjusted EBITDA Adjusted EBITDA excludes special items (see form 10-Q for the quarter ended June 30, 2018) and asset dispositions
Slide 30: Rent by region
Rent by region $ in millions at a2 Q3 Europe Caspian $34.7 $350 $334 18 17 25 Americas 54 58 50 Asia Pacific 94 92 92 Corporate 27 26 4 $ in millions at a2 a3 Europe Caspian $365 $36.9 $29.5 Africa 22 22 20 Americas 70 52 63 Asia Pacific 11.0 106 28 Corporate 24 24 2.0 Consolidated $58.7 $57.2 $42.6
Slide 31: GAAP reconciliation
GAAP reconciliation See information about special items (see form 10-Q for the quarter ended June 30, 2018) These amounts are presented after applying the appropriate tax effect to each item and dividing by the weighted average shares outstanding during the related period to calculate the earnings p
Slide 32: Líder adjusted EBITDA and leverage
Líder adjusted EBITDA and leverage Adjusted EBITDA excludes special items (see form 10-Q for the quarter ended June 30, 2018) and asset dispositions
Slide 33: Debt repayments and amortization as of June 30, 2018
Debt repayments and amortization as of June 30, 2018
Slide 34: Total leverage reconciliation
Debt does not include unamortized debt issuance cost Adjusted EBITDA excludes special items (see form 10-Q for the quarter ended June 30, 2018) and gains and losses on dispositions of assets Total leverage reconciliation
Slide 35: Bristow Group Inc. contact details
Bristow Group Inc. (NYSE: BRS) 2103 City West Blvd., 4th Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com Contact us